Adedapo Adesanya
By Adedapo Adesanya
The exchange rate of a Naira to a Dollar appreciated on Thursday at the Investors and Exporters (I&E) segment of the foreign exchange market to N364.38/$1 from N364.91/$1 recorded at the previous session. This indicated that the local currency gained 0.15 percent or 53 kobo on the United States currency.
The gains came despite a spike in the volume of transactions at the market segment, which moved up by 106 percent or $216.2 million to $420.91 million from the $204.71 million worth of trades achieved at the midweek session.
At the Bureau De Change (BDCs) segment yesterday, there weren’t much changes except in Abuja. The local currency traded flat against the greenback in Kano, Lagos, and Port Harcourt.
An analysis showed that at the Nigerian capital city, the local currency appreciated by 70 kobo against the Dollar to close at N358.30/$1 compared with N359/$1 it traded on Wednesday. It gained N2 against the Pound to close at N473/£1 in contrast to N475/£1 of the previous session and appreciated against the Euro by N1.50k gain to wrap the session at N393.50/€1 versus N395/€1 a day earlier.
At the Lagos BDC market, the local currency exchange rate remained unchanged against the greenback at N358.30/$1. It also closed flat against the Euro at N392/€1 and against the Pound at N473 per/£1.
In Kano, BDC operators on Thursday sold the Naira against the Dollar, Pound Sterling and the Euro at the previous rates; N358/$1, N472/£1, and N395/€1 respectively.
At the Port Harcourt BDC market, the local currency traded flat against the Dollar at N358/$1, while it was also exchanged at the previous rates against the Pound and the Euro at N475/£1 and N397/€1 respectively.
At the parallel market, the local currency also remained unchanged against the three major foreign currencies at N360/$1, N473/£1 and N392/€1.
At the interbank segment of the foreign exchange market, the Naira also traded flat against the greenback at N307/$1.
